This is why medical school is free at NYU

Glen Mclaughlin
August 18, 2018

The New York University School of Medicine will provide free tuition for all present and future students, the university announced.

Students will still have to cover room and board, as well as other living expenses.

That scholarship will cover a yearly cost of $55,018.

Graduates move towards higher-paying areas of medicine over paediatrics, primary care or gynaecology due to their "staggering student loans". Langone Health, told The New York Times.

According to The Wall Street Journal, the institution has so far raised over $450 million of the almost $600 million it needs to fully cover the costs of its medical students' tuition.

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"Ultimately, this is about patients and creating a fantastic workforce that patients deserve", said Dr. Rafael Rivera, associate dean for admission and financial aid. It has raised about $450 million through endowments so far.

Medical schools across the US have attempted to respond to the student debt crisis by increasing their fundraising efforts to recruit competitive applicants, reduce student debt, and give graduates more flexibility with their career paths. Medical schools nationwide have been conducting aggressive fundraising campaigns to compete for top prospects, alleviate the debt burden and give graduates more career choices. Those range from around $27,000 to $29,000 per year, according to the medical school.

The university will provide full-tuition scholarships for 93 first-year students - another nine are already covered through an M.D./PhD program - as well as 350 students already partly through the M.D. -only degree program, the Wall Street Journal said. Students nontuition costs in that program would be about $27,000 to $31,000. Among those with debt, the average student owed almost $191,000, which rises to $202,000 among private medical school graduates.

According to the Association of American Medical Colleges, the median debt of a graduating medical student in the United States is US$202,000 - while 21% of doctors who graduate from a private school such as NYU face over US$300,000.

All students enrolled in the MD degree program are eligible, regardless of their financial need or academic performance. The median cost of tuition at all private medical schools, like N.Y.U., in the 2017 to 2018 school year was $59,605 - up 4% from the previous year, according to the Association of American Medical Colleges.

Other reports by MaliBehiribAe

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